Rosneft CEO: U.S. Sanctions Will Backfire, Hurt U.S. Energy Majors

By REUTERS

AUG. 3, 2017, 4:03 A.M. E.D.T.

NIZHNEBUREISKY, Russia — New U.S. sanctions imposed on Russia will have negative consequences for the United States and backfire on U.S. energy majors, Igor Sechin, chief executive officer of Russia’s largest oil producer Rosneft, said on Thursday.

U.S. President Donald Trump grudgingly signed into law new sanctions against Russia on Wednesday, a move Moscow said amounted to a full-scale trade war and an end to hopes for better ties with the Trump administration.

“The sanctions are beginning to backfire on those who are introducing them, which is positive,” Sechin told reporters.

“The powers of the U.S. president are limited, and sometimes it seems to me that sanctions are imposed on him, not us.”

Sechin said in this situation he saw positive consequences for Rosneft. “As for the negative consequences, as I said, they (the U.S. sanctions) are starting to work against our American partners. As for the positive ones, you will learn about them in the next four weeks,” he said, without elaborating.